▲ 'Mission 2030' Event Held in the U.S. on the 25th (Local time), Announcing Start of Construction on First SMR-300 Unit

▲ Hyundai E&C and Holtec Expand U.S.-Korea Energy Partnership, Driving Global Nuclear Power Market

Hyundai E&C is accelerating its energy transition efforts by beginning the commercialization of the SMR-300 model, a project rooted in the U.S.-Korea energy alliance.

On April 25th (local time), Hyundai E&C and Holtec hosted the 'Mission 2030' event at the SMR site within the Palisades Nuclear Power Plant complex in the United States. This event served to announce the smooth progress of the Palisades SMR-300 FOAK¹⁾  Project, slated to commence construction at the end of this year, and to lay the foundation for achieving commercial operation by 2030.

The Palisades SMR-300 FOAK Project entails constructing two 300MW-class SMRs at the Palisades Nuclear Power Plant complex in Covert, Michigan, located approximately 120km northeast of Chicago. The site is situated within a nuclear power plant area owned by Holtec. Since the final selection of the construction site in February of last year, site-specific designs, including geological surveys, ground investigations, and environmental impact assessments, have been underway. The design phase is scheduled for completion within the second quarter of this year, with construction expected to begin around year-end.

The event was attended by key executives from both companies, including Hyundai E&C CEO Han-woo Lee, Holtec Chairman Kris Singh, Holtec International President Kelly Trice, and Holtec Global Clean Energy Opportunities Division President Rick Springman. Both companies pledged to dedicate their full efforts to the successful construction of the first-of-a-kind SMR-300 unit by reinforcing the robust U.S.-Korea energy partnership.

In his keynote address, Chairman Kris Singh stated, "Hyundai E&C's completion of the UAE's largest nuclear power plant 'on time and on budget' is a rare and truly remarkable global achievement. Expanding our partnership with Hyundai E&C, a company with unparalleled capabilities in nuclear power plant construction, represents a pivotal step forward." He further added, "Building upon the systematic supply chain capabilities and world-class project management expertise of both organizations, I am confident that the first deployment of the SMR-300 in the United States will be flawlessly executed."

In his subsequent congratulatory remarks, CEO Han-woo Lee declared, "Hyundai E&C established a local subsidiary in the United States, Hyundai America Inc., in 2022, and has since been making diverse investments in U.S. power projects and SMR-300 technology." He continued, "To ensure the project's success, we will collaborate closely with the U.S. government and prominent local firms to establish a well-structured supply chain and devise strategies for symbiotic relationships with local communities. This includes creating high-quality jobs in the U.S., thereby ushering in a new era in the global SMR industry."

During the event, the two companies signed an Extended Teaming Agreement and formally announced specific plans to bolster their collaborative efforts. The agreement encompasses a revised clause to expand nuclear power capacity to 300MW-class SMRs (SMR-300) in response to surging global energy demand. △ It also includes provisions for business cooperation in the global market, including North America, △ and the operation of a joint organization dedicated to project management. Through this agreement, Hyundai E&C has expanded its exclusive rights to the SMR business advanced by Holtec to encompass the global market, including the United States. Furthermore, Hyundai E&C plans to establish a separate joint venture with Holtec to jointly operate and manage this project, systematically carrying out the Palisades SMR-300 FOAK project.

Since forging a cooperative agreement with Holtec in 2021 for the joint development and market expansion of SMRs, Hyundai E&C has been engaged in collaborative projects spanning the entire nuclear power value chain. This includes SMR development and project execution, nuclear power plant decommissioning, and the construction of interim storage facilities for spent nuclear fuel. The following year, the two companies formed a tripartite U.S.-Korea-U.K. technology alliance with Balfour Beatty and Mott MacDonald, prominent construction and engineering firms in the UK. Building upon this global nuclear power partnership, they were shortlisted as finalists in the SMR technology competition bidding program overseen by the UK Atomic Energy Authority, further solidifying their foothold in the global nuclear power market.

1) First-Of-A-Kind